PCSO funds recorded as income instead of trust liabilities
Baliwag City · 2023
Severity: ModerateRecommendation: Unknown
What Happened?
Category: Financial ManagementIssue: Non-complianceThe city gets money from PCSO (Philippine Charity Sweepstakes Office) for specific purposes. The agreement says this money should be recorded as money held in trust (a liability), not as income. But in 2022, the city recorded over ₱1.6 million from PCSO as income, which made the city's income look higher than it should have been.
Why It Matters
Recommended Actions
No recommendations are available for this finding yet.
Original Audit Finding Excerpt
"Based on the MOA between PCSO and the City Treasurer's Office, funds received from the PCSO shall be booked to Trust Liabilities account."
